E3-43.Compute NOPAT The income statement for TJX Companies follows.

TJX COMPANIES

$ 8,394 8,954 560 18,015

(856)

18,871 Consolidated Statement of Income Fiscal Year Ended ($thousands)

Net sales . . ........ . .. .. ... . ..... .. .......... . .. • .. •. .

Cost of sales, including buying and occupancy costs .. .. . .... .

Selling, general and administrative expenses .... .. .. .. . .. . . .

Pension settlement charge . . .. .. . .. .... .... .. . . ... ..... . .

Interest expense, net . . ...... .. .. . ...... ... . .. . . .. .... . .

February 2, 2019

$38,972,934 27,831,177 6,923,564 36,122 8,860 Income before provision for income taxes . ..... . . • .. ...... . .

Provision for income taxes . . .. .. .. . ..... ... • . .• .. . . •. . • ..

Net income . .. .. .. .. . . . . . .. .. • .. • ... . • ... . . • .. ...... . .

a. Compute NOPAT using the formu la: NOPAT = Net income + NNE.

4, 173,211 1,113,413

$ 3,059,798

b. Compute NOPAT using the formula: NOPAT = NOPBT - Tax on operating profi t.